OfflineGreetings, How can one use or can one use a VA Loan to make a DEAL?
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PedroAlberto Sanchez
VA Loans to buy Foreclosure!
Posted on: Mon, 04/15/2013 - 23:37
Greetings, How can one use or can one use a VA Loan to make a DEAL?
PedroAlberto Sanchez
Buying a Property using a VA LOAN? Does anyone have any feedback on this type of financing?
PedroAlberto Sanchez
First of all, anyone can buy a VA foreclosure - even non-veterans. VA properties tend to be in better condition than other foreclosure properties because VA is actively involved in restoring properties into livable condition.
If you qualify, VA offers loans with no down payment or mortgage insurance which can accelerate your return on your investment. There is never a pre-payment penalty and VA loans are assumable.
But, when it comes to investing in real estate and VA loans there is a problem. VA does not write loans for investment properties. You must live on the property. How can you get around this? VA will finance properties with up to 4 residential units and 1 commercial unit. This means that you could buy a 4-plex, live in one unit, rent out the other 3 AND get some awesome funding.
Hey Simon, thank you for the heads up to my question. It was a thought that came upon me, why not see what the military has to offer. I'll continue with my research in this field. Take care.
PedroAlberto Sanchez